Silver lining shows

The Gold Coast market is bouncing back as rules around inspections slowly start to relax

AN easing of COVID-19 restrictions on the real estate industry is predicted to further stimulate a faster rebound on the Gold Coast.

While group auctions are still banned in Queensland, rules around inspections have eased slightly with six people (including the agent) now able to view a property.

Hygiene protocols and social distancing rules still apply, however, with no more than one person per four square metres permitted.

That move has been welcomed by Harcourts Coastal Managing Director Dane Atherton who said the relaxation would encourage more buyers and sellers to return to the market.

“Having 20 people lined up for an open home isn’t an usual occurrence in Queensland anyway so I’m just grateful we’re able to do open homes this weekend,” he said.

“We’re anticipating an extra kick in the market as those restrictions ease and activity increases.”

While buyer enquiry and new listings fell sharply when group auctions and open homes were banned six weeks ago, Mr Atherton said sales had improved week-onweek in April.

“Our trend in sales is going up at a significant rate on a weekly basis,” he said.

“We’ve done 26 sales in the last week in April and 61 sales over the month of April to a value of $52,647,800.”

“The market has rebounded far more quickly than any of us thought it would and prices have largely held too.”

The return to business as normal has been swifter in NSW, where the ban on open homes and onsite auctions lifted this weekend. The Real Estate Institute of Queensland this week sought consultation with the Queensland State Government for a staged return to work timeline.

Harcourts Costal April/May sales: 5015 Riverwood Grove, Benowa (top) sold for $1.157 million; 1123 Beechwood Dr, Hope Island (left) sold for $1.8 million; and 10 Elgin Crescent, Sorrento sold for $1.04 million.